Mortgage rates decreased for a third straight week as the average rate for a 30-year fixed-rate mortgage fell to 4.07%, down from 4.10% the previous week and down from 4.61% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
“Modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve,” says Sam Khater, chief economist for Freddie Mac, in a statement. “While signals from the financial markets are flashing caution signs, the real economy remains on solid ground with steady job growth and five-decade low unemployment rates, which will drive up home sales this summer.”
The average rate for a 15-year fixed-rate mortgage, based on closings, was 3.53%, down from 3.57% the previous week and down from 4.08% a year earlier.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.66%, up from 3.63% the previous week but down from 3.82% a year ago.